Current market conditions have compelled the closure of some of Al Rayan Bank’s (Al Rayan)’s lowest deposit Home Purchase Plan (HPP) products in the United Kingdom (UK). Al Rayan noted that this decision would not impact existing customers, or new customers seeking higher deposit HPP products.  According to Al Rayan, the management is constantly reviewing both risk appetite and strategy particularly in the wake of COVID-19, and this decision is in line with similar closures taken by several other UK home financ...

Shariah Investing Dialogue Series 2020 Series 1 – Investment in the Future: Shariah Fraternity’s Role in Islamic Capital MarketShariah, Sukuk, Waqf, Provision

The United Arab Emirates (UAE) Cabinet approved the 2021 federal budget with an estimated spending of AED 58.113 billion on the 1st of November 2020, with a focus on social and economic development, according to local media reports.  Chairing the meeting, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai stated that important national projects would continue to be implemented in 2021, with development remaining a priority despite global economic challenges.  Sheikh Mohammed added that the U...

Speaking at an interview on the 1st of November 2020, Malaysia’s Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz, stated that Government-linked Companies (GLCs) should support Malaysia’s recovery out of COVID-19, by investing and increasing spending on projects and job creation, as opposed to cutting back investments.  Tengku Zafrul, who has already initiated talks with GLCs and government-linked investment companies (GLICs), added that the government alone could not drive the changes needed. GLCs and GLICs, along with the private sector were instrum...

The economy of Jordan is forecast to shrink by 3.5% to the end of 2020, according to Dr Khalid Wazani, Chairman of Jordan Investment Commission (JIC), which is the national investment promotion agency of the country.  According to a working paper presented at the Post-COVID-19 Jordanian Economic Conference, Wazani stated that Jordan’s exports to its economic partners, including China and certain European countries, would decline.  In addition, Wazani stated that Jordan’s public debt ratio to gross domestic product will increase up to 110.8% at...

Results of the Malaysian Banking Industry Customer Satisfaction Survey 2019 have been released by the  Association of Islamic Banking and Financial Institutions Malaysia (AIBIM). The survey reports 81% customer satisfaction overall amongst Islamic banking customers.  The survey was conducted across 20 AIBIM member banks and saw over 7,000 customers being interviewed. According to the AIBIM, the purpose of the survey is to assess the transparency and quality of customer services provided by retail banks in Malaysia. The aim is to establish a customer...

Synchronization, Concordance and Similarity between Business and Credit Cycles: Evidence from Turkish Banking SectorCredit Risk

Collecting Fees for Safekeeping of Collateral: Rules and Applications in the Contemporary Islamic Financial InstitutionsFiqh, Rahn, Riba

Identification of Wealthy Households from the Residential Property Price Index Database for Sample Selection for Household SurveysSales

The Effects of Religiosity, Knowledge and Service Quality Towards Compliance Behavior of Islamic Banking Products and ServicesIslam, Islamic banking